Bitcoin Cash price USD

About Bitcoin Cash

Bitcoin Cash was created in 2017 as a result of a hard fork of the original Bitcoin. This was due to some developers being dissatisfied with Bitcoin’s overall scalability direction. After the hard fork, Bitcoin Cash retained some of Bitcoin’s history but made a few changes. Some Bitcoin Cash supporters even claim that it is the original Bitcoin.

The developers created Bitcoin Cash to pursue the original goal of Bitcoin being a transactional currency. Bitcoin Cash is the rejection of the original Bitcoin philosophy that the cryptocurrency should be a settlement layer.

Bitcoin Cash has undergone major hard forks since then, leading to the creation of Bitcoin SV in 2018 and the Bitcoin ABC in 2020. Bitcoin SV broke off from Bitcoin Cash because the proponents such as Craig Wright argued that BCH was no longer staying true to the original vision of the Bitcoin Whitepaper.

A Brief History on the Price of Bitcoin Cash

To better understand Bitcoin Cash’s current price and make a fair prediction about its future valuation, it is important that we look at some of the important external events that have impacted BCH value, and also glance over its historical timeline.

Key News for Bitcoin Cash

One of the most significant economic events associated with Bitcoin Cash is the circumstance that led to its creation in the first place. It birthed out of the dire need of a workable and scalable digital currency that could efficiently democratise the financial world. Bitcoin held that promise, however, it had started exhibiting certain limitations in terms of its transaction processing times and constantly increasing fees. Even though Bitcoin Cash was launched with greater promise, it has remained in the shadows of its predecessor ever since its launch in Aug 2017.

BCH gained good ground soon after its launch, and breached the $4,000 mark on 20 December 2017, within 5 months of its creation. It was around the same time that Bitcoin was setting new highs of its own, and had closed in on the $20,000 figure for the first time, on the same date. Thereafter, the entire crypto market witnessed a gradual decline, pulling BCH down to an all-time intraday low of $75.03 by 15 December 2018. This low also came partially as a result of a split that happened in Bitcoin Cash, in November 2018, leading to the creation of two new cryptocurrencies, Bitcoin Cash ABC (BCHA) and Bitcoin SV (BSV). 

For almost 2 years after that split occurred, BCH traded mostly sideways. Though it appreciated in value overall, it rarely breached the new resistance level at $500, except on a couple of occasions, twice in June 2019, and once again in February 2020. 

Buoyed by the bullish sentiment in the entire crypto market, Bitcoin Cash next crossed the $500 mark in January 2021. The coin eventually rallied to break out of the $1,500 level after a long time, registering a $1,547 valuation on 12 May 2021. There were multiple reasons that caused its surge in early 2021, the biggest being Elon Musk’s announcement on Feb 8 about the purchase of $1.5 billion worth of Bitcoin and acceptance of BTC as payment for Tesla cars.

However, Elon Musk’s affair with BTC didn’t last very long. On 12 May 2021, he announced that Tesla won’t accept Bitcoin anymore for vehicle purchases. This development, followed by the crypto crackdown in China on May 19, sent the crypto market and BCH crashing down, and into correction mode. As a result, Bitcoin Cash got pulled back under $500 once again on 22 June 2021. It was trading at $298 at the time of writing.

Bitcoin Cash Timeline

1 August 2017
Some of the prominent members of the Bitcoin community who had been raising concerns about certain ethical and technical issues plaguing the Bitcoin blockchain forked BTC and created Bitcoin Cash, on this day. Bitcoin Cash price – $767.77. 

20 October 2017
Regular BCH selling by a large number of Bitcoin investors who had received Bitcoin Cash after the hard fork, resulted in BCH trading in the lower $300 range. Bitcoin Cash price – $326.

20 December 2017
Riding on a bull run in the entire crypto market, especially Bitcoin, BCH breached the $4,000 figure for the first time ever, and recorded an intra-day high of $4,355. It receded thereafter and ended the day at a closing price of $3,194. Bitcoin Cash price – $3,194.

15 May 2018
Daily BCH transactions recorded around this time had risen to approximately 10% of that of Bitcoin. Bitcoin Cash price – $1,344.

20 August 2018
Reputed payment service providers like GoCoin, Coinify and BitPay had started supporting Bitcoin Cash payments by this time. Bitcoin Cash price – $509.

15 November 2018
Bitcoin Cash witnessed a hard fork chain split, leading to the creation of Bitcoin Cash ABC and Bitcoin SV. Bitcoin Cash price – $416.

26 June 2019
A group of researchers revealed that the Bitcoin DAA doesn’t generate new blocks at a consistent pace if the hash supply stays elastic. However, Bitcoin Cash DAA remains stable even when hash power supply is elastic and the price is witnessing high volatility, demonstrating its technical dominance over the Digital Gold. Bitcoin Cash price – $484.

20 May 2020
The ongoing Covid-19 crisis leads to the creation of a new resistance level at $250 for Bitcoin Cash. The cryptocurrency continues trading in the vicinity of this price point for the remaining part of the year. Bitcoin Cash price – $239.

21 October 2020
PayPal, a widely popular third-party payment processor based in the US, launches a special service for the US market, enabling PayPal account holders to directly buy, sell or hold Bitcoin Cash, as well as a few other cryptocurrencies. Bitcoin Cash price – $258.

9 January 2021
BCH crosses the $500 mark after a long time, buoyed by the bullish sentiment in the entire crypto market. Bitcoin Cash price – $585.

12 May 2021
Crypto market’s bull-run continues and Bitcoin Cash registers an intra-day high above $1,600 point for the first time since May 2018. Bitcoin Cash price – $1,245.

19 May 2021
Bitcoin Cash’s price comes crashing down after a crypto crackdown in China. Bitcoin Cash price – $722.

Compare Bitcoin Cash with Fiat Currencies, Commodities and Crypto

Compare Bitcoin Cash with US Dollar

Widely perceived as a safe value storage medium, the US dollar enjoys a reserve currency status across the globe. Hence, it didn’t come as a surprise when it showed plenty of resilience compared to other fiat currencies, during the coronavirus pandemic in 2020. Not only did it manage to consistently maintain its value, it appreciated time and again against other prominent currencies, and has been fairly steady in 2021 as well.

Bitcoin Cash, however, spent the most part of 2020 hovering around the $250 price level. It began 2021 at the $343 price point, and witnessed plenty of bull-bear tussles in the following months, breaching $1,600 for the first time in 2 years, on 12 May 2021. It had receded thereafter, and was trading well-above $500 at the time of writing.

Compare Bitcoin Cash with Gold

Just like the US dollar, Gold is also a popular value storage medium for a large number of people across the globe. It is commonly used to hedge against inflation, especially during the difficult economic times. Normally Gold performs well whenever investments like equities and bonds witness a downward trend, something that was well-evident during the pandemic times in 2020. 

The yellow metal was trading at around $2,067 per troy ounce in August 2020, but had fallen to $1,740 per troy ounce at the time of writing.

On the contrary and as highlighted earlier, though Bitcoin Cash was fairly stable in 2020, it witnessed a notable rally during the first half of 2021, touching significant highs in May, after a long time. 

Compare Bitcoin Cash with Bitcoin

As both Bitcoin and Bitcoin Cash originate from the same blockchain, they pretty much have the same characteristics, and are strongly correlated to each other. Hence, any external factor that impacts the Bitcoin price, usually impacts Bitcoin Cash value too, in a similar manner. We’ve witnessed this time and again over the years. 

For instance, on 20 December 2017 when Bitcoin had closed in on $20,000 for the first time ever, Bitcoin Cash too registered it’s all-time high on the same date. Then more recently in 2021, the various external events that moved Bitcoin’s price up and down, had the same effect on the Bitcoin Cash price as well.

Bitcoin Cash Future Price Predictions

Although it has been knocked out of the top 10 cryptocurrencies’ list (based on market cap) now, Bitcoin Cash was one of its mainstays for the most part of its existence. As mentioned above, Bitcoin Cash began 2021 at a modest $343 price level. Thereafter, it witnessed constant bull-bear tussles during the months that followed, even breaching the $1,600 mark for the first time in 2 years, on 12 May 2021. It was trading at $575 at the time of writing. Let’s analyse and understand where its price may be headed in the near future and beyond.

Bitcoin Cash Price Predictions for 2024

The year 2024 has been one of the most volatile years in the history of the cryptocurrency market. BCH price behaviour in the remaining part of the year will depend on multiple aspects including favourable/unfavourable external events, adoption-related developments in different parts of the world and if any positive steps are taken towards improving the governance mechanism of the BCH network or not, something that has come under scrutiny time and again. 

As per some analysts, BCH will witness a noteworthy rally towards the end of the year and will be trading at around $1,000 price point by then. Experts elsewhere, however, are slightly conservative about their projections and expect BCH’s price to be heading close to only $800 by December end.

Let’s take a look at the BCH/USD daily price chart below to technically analyse how accurate or far-off these predictions may be. As can be seen below, Bitcoin Cash’s daily price market is clearly witnessing a bullish trend with a good number of recent candles well above the 50 SMA line. The RSI at 63.37 and MACD well above the signal line both underscore the positive market sentiment. If the coin is well-supported by some bullish news in the times to come, there’s a very good chance that it may make a push towards the resistance at $800, and then perhaps challenge the $1,000 price level too, by the end of the year.

Despite the fact that Bitcoin Cash holds a lot of promise and is fundamentally a better cryptocurrency than Bitcoin, it still has a long way to go before posing any serious threat to the market leader. Where Bitcoin Cash’s price stands throughout 2024 and by the end of it will depend on multiple things, including the technical upgrades brought about in the coin, external factors like crypto adoption in various countries and the eventual shape taken by the crypto crackdown in China. A lot will also hinge on the overall sentiment around Bitcoin and the crypto market as a whole. 

One group of analysts expects BCH to witness a price correction during the first quarter of 2024, but then recover fairly well over the rest of the year and potentially break out into the $1,500 region by the end of 2024. On the other hand, another analyst believes Bitcoin Cash will maintain an average price in the range of $1,000 for most of 2024, and may rest at over $1,100 by the year end.

Beyond 2024 for Bitcoin Cash

It’s extremely difficult to make an accurate price forecast for any tradeable asset this far ahead of time. On the whole, for it to remain a serious long-term contender in the crypto market, it is crucial that people in charge at Bitcoin Cash take some serious steps to further improve the usability and reliability of its network in the future. Experts at one analysis firm are hopeful that BCH will be trading well above $2,000 by 2025 and move into the $3K+ region after that, making a gradual upward move towards its all-time high thereafter. 

Bitcoin Cash Price Conclusion

There are multiple elements that come into play while deciding the value of a cryptocurrency. Bitcoin, considering its brand value, network effect and scarcity is currently far ahead of the competition right now. There’s a good possibility though that technological superiority, continuous adoption efforts, and the scaling factor could create an ultimate winner out of Bitcoin Cash in the long term. 

As per experts, even though Bitcoin Cash’s price has dipped time and again in the past few years, there’s a good possibility that it’ll settle into a steady higher range going forward. On the whole, BCH is definitely worth considering for anyone interested in diversifying their portfolio and holding on to a cryptocurrency for the long-term.